Rush’s Morning Update: Friedman
October 23, 2008

In the world of economics, Milton Friedman is an icon. His contributions to understanding how free markets work earned him a Nobel Prize and a reputation as one of history’s most brilliant economists and teachers.

Now the University of Chicago, Freidman’s academic home for 30 years, is embroiled in controversy over plans to honor Friedman by naming a new institute for him. Recently 70 protesters gatheredto denounce free markets and the proposed institute. 100 faculty members signed a protest letter.

One of them, religion professor Bruce Lincoln, declared: “Friedman’s over.” He claimed the current financial crisis proves thatFriedman’s views are wrong. Now is “not the time to start building a shrine to him,” he said.

Actually, Mr. Lincoln, there couldn’t be a better moment. The financial state we’re in demonstrates how correct Friedman is. The sub-prime housing bust is a direct result of government liberals tampering with free marketsto satisfy their left-leaning political agenda;it’s that simple. Requiring lenders to provide loans to unqualified applicants in the name of “social justice” and “equality” has nothing to do with free markets — it issocialism. It hasn’t worked anywhere else in the world,it didn’t work here,and it will notwork if the Messiah from Chicago wins this election and tries his hand at it.